W-2c procrastinators never prosper

You have a scant month to file original 2017 W-2s or to correct errors on your 2017 W-2s without paying an arm and a leg in penalties. If you file Forms W-2c/W-3c by Aug. 1, the bite is $100 per form, up to $1,614,000. Snooze and lose: The penalty for failing to file correct forms after Aug. 1 increases to $270 per form; the maximum penalty is $3,282,500. Forms W-2c/W-3c are filed with the Social Security Administration.

REMINDER: Typical W-2 mistakes, W-2c correction tips and specifications for formatting e-files were covered in Payroll Legal Alert’s February 2018 issue, which is available in the archives at www.payrolllegalalert.com.

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